(a) In furtherance of the purposes of the commission as set forth in this chapter, the commission has the power and authority to do all of the following:
(1) Borrow money, for the purpose of obtaining funds to make loans pursuant to this chapter, from the California Economic Development Financing Authority, the California Infrastructure and Economic Development Bank, and the California Consumer Power and Conservation Financing Authority from the proceeds of revenue bonds issued by any of those agencies.
(2) Pledge collateral to secure the repayment of moneys borrowed pursuant to paragraph (1) or of bonds or other borrowings by the California Infrastructure and Economic Development Bank. The commission may pledge, as collateral for these purposes, the loans made pursuant to this chapter or former Chapter 5.4 (commencing with Section 25440) or the principal and interest payments on loans made pursuant to this chapter or former Chapter 5.4 (commencing with Section 25440). These pledges shall be subject to Chapter 5.5 (commencing with Section 5450) of Division 6 of Title 1 of the Government Code.
(3) Sell loans made pursuant to this chapter or former Chapter 5.4 (commencing with Section 25440), at prices determined in the sole discretion of the commission, to the California Economic Development Financing Authority, the California Infrastructure and Economic Development Bank, and the California Consumer Power and Conservation Financing Authority to raise funds to enable the commission to make loans to eligible institutions.
(4) Enter into loan agreements or other contracts necessary or appropriate in connection with the pledge or sale of loans pursuant to paragraph (2) or (3), or the borrowing of money as provided in paragraph (1), containing any provisions that may be required by the California Economic Development Financing Authority, the California Infrastructure and Economic Development Bank, or the California Consumer Power and Conservation Financing Authority as conditions of issuing bonds to fund loans to, or the purchase of loans from, the commission.
(b) In connection with the pledging of loans, or of the principal and interest payment on loans, pursuant to paragraph (2) of subdivision (a), the commission may enter into pledge agreements setting forth the terms and conditions pursuant to which the commission is pledging loans or the principal and interest payment on loans, including the pledging of loans or the principal and interest payment on loans as collateral to secure the repayment of bonds or other borrowings by the California Infrastructure and Economic Development Bank, and may also agree to have the loans held by bond trustees or by independent collateral or escrow agents and to direct that payments received on those loans be paid to those trustee, collateral, or escrow agents.
(c) The commission may employ financial consultants, legal advisers, accountants, and other service providers, as may be necessary in its judgment, in connection with activities pursuant to this chapter.
(d) Notwithstanding any other provision of law, this chapter provides a complete, separate, additional, and alternative method for implementing the measures authorized by this chapter, including the authority of the eligible institutions or local jurisdictions to have borrowed and to borrow in the future pursuant to loans made pursuant to this chapter or former Chapter 5.4 (commencing with Section 25440), and is supplemental and additional to powers conferred by other laws.
(Amended by Stats. 2016, Ch. 675, Sec. 1. (SB 1207) Effective January 1, 2017. Repealed as of January 1, 2028, pursuant to Section 25421.)
Last modified: October 25, 2018